Speaking at a press briefing, Dr Fatih Birol, IEA executive director, highlighted three major drivers of the slowdown:1. Saudi Arabia, the United Arab Emirates (UAE) and Iraq are expected to lead a 1.4 mn bpd rise in OPEC+ oil capacity. Total supply capacity is forecast to rise by 6mn bpd to nearly 114mn bpd by 2030 – a staggering 8mn bpd above projected global demand, the report finds. According to the report, global refining capacity is on track to expand by 3.3mn bpd between 2023 and 2030, well below historical trends. This raises the prospect of refinery closures towards the end of the outlook period, as well as a slowdown in capacity growth in Asia after 2027.

Source: The North Africa Journal June 18, 2024 11:04 UTC